The Organisation of Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase oil production by 188,000 barrels per day from July to support oil market stability, according to a statement issued on Sunday. This followed a virtual meeting of seven member countries that had previously implemented additional voluntary adjustments in April and November 2023.
The countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, and the meeting reviewed global market conditions and outlook. OPEC stated that the additional voluntary adjustments may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
OPEC said the countries will continue to closely monitor and assess market conditions, emphasising the need to adopt a cautious approach as part of their ongoing efforts to support market stability. The seven OPEC Plus countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation, and they reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee.
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